stocks versus bonds, who will win of tug of war we will be looking at the reopen revival, and stocks booming along with it. later, the most expensive nft, sold for a whopping $69 billion. as "power lunch" starts right now.

welcome. it's a huge rally on wall street, the dow hitting a record high, the s&p hitting a report high, the russell 2000 hitting a record high and the dow transports also a record high. even with the ten-year yield inching higher, we're seeing the nasdaq, that's 9 outperformer up 2.5%, continuing its climb back and now 5% in the past week. look at some of these momentum movers these names sold off hard and now here getting to bounce back. eit etsy up this entire group up higher today. this appears to be a sweet spot for the smhtf that tracks the group, up 4%

all of these names up higher. >> frank, so with the tech stocks rally, does that mean interest rate fears have subsided the stocks paying attention to stocks, not bonds? bob, you get the first word. >> well, it's pretty powerful rally today. it's a combination of several things, including stimulus and ten-year bond yields we have the best scenario you can't have for an investor three-to-one, but all the reflation trade, the tells, the industrials, it's all in the blood, three-to-one advancing to declines, stimulus has passed, number one number two we have a tame cpi. tame bond yields, the ecb is

buying more bonds, all of that is good, now we have the battle of tech versus industrials the reflation trade, do you own both, all of them together that's where the debate is right now. for the moment is, the thematic tech etfs, they're back in vogue again. all those solar and lithium battery, the ark innovation fund has been you up. clout computing is back, and the s&p 500 is sitting poised to close at another record high this still lick combined with the tame bond yields, is it timely enough to make the industrials, financials, more appealing? right now they're still doing so back to you. >> turning to you, rick, second straight day whether a bond auction came and went without

interest rates having a major interest impact on stocks. >> it's fascinating. well, they moved, but didn't move aggressively. c-minus was the grade i gave the 10s and 30s. i think i was being generous, but we do want to concentration on the hedge funds, mutual did have a present that was the best since september. as bob pointed out, the dow and tens getting along much more than the other two indices, but the real issue is guns hot or not, we get above 160 or maybe equities won't be so happy with

interest rate complex. >> so, gentlemen, have we seen, rick, the biggest rise in interest rates that you expect or the market that your spiedy sense tells you the market is signaling? >> yes, tyler i don't want to be picking tops, it's all dangerous especially when we've come so many points off the highs and closes but i do think central banks didn't do all of this top it blow up and see interest rates blow up. the problem is inflation, but not in the traditional sense we know what's coming, and they say it's temporary, but when equity markets are on the rise, what happens when you actually see the dip? those buyers seem to run, and i think that the logic behind we're going to ignore this inflation when we actually see it, temporary or not, the markets will pay attention, and it might not be pretty. >> bob, your response there?

right now it looks like, well, reflation, you know, good economy, people are jumpic back into the growthy names >> yeah. i think the probably unusually was that rates went up, it was the speed. >> that's what i was clumsily trying to ask rick have we seen the greatest speed and slope in that? >> right the bulls are taking control of the narrative. it's not that inflation is out of the on control. the narrative is rates have moved up because the economy is expanding. there may be inflation issues, because there's been bottlenecks, but that probably will moderate down the road, and the bulls are winnic that argument this is the idea we have seen rates move up, because the economy is expanding that overall historically has been good for the stock market, as opposed to the narrative that rates are moving up because

there will be rampened runaway infl inflation. so it's a different narrative that's sort of emerging. aside from the stimulus bill going through, we have rates behaving right now and just not going through the roof right in a straight line. >> we have not closed above 2% since july 2019, well before covid. i think many forget that one other thing to point out quickly here, tyler, yes, guns hots we're not guns hot anymore i agree. i think the biggest moves in terms of rate is already behind us, though i do think what you want to pay attention to is not how high we go, but how low. if we don't see a trade around 125, i don't think you're going to get back down there and it's going to sticking for the rex of the year. >> that's an interesting point if we don't trade lower, prices will go higher

we're going to go to the president of the united states talking about the signing of the stimulus and rescue package. >> there still has been discussion and debate, it's clear an overwhelming percentage of the american people, democrats, independents, republican friends have made it clear that the people out there -- made it clear they strongly support the american rescue plan. yesterday with the final passage of the plan in the house of representatives, their voices were heard and reflected on everything we have in this bill. i believed this is, and most people i think do as well, this historic legislation is about rebuilding the backbone of this country and giving people in this country, people who built the country, a fighting chance that's the essen of it i'm going to have a lot more to say about that tonight and the

next couple days and be able to take your questions, but in the meantime what i'm going to do is sign this bill and make the presentation tonight, and then there will be plenty of opportunities. we'll be on the road not only talking about what i'm talking about tonight is the impact on the virus and how to end this pandemic we're going to talk all the elements of the bill, beginning friday, saturday, through the weekend. so thank you for being here. got it thank you all. appreciate it. the president has put pen to paper, or parchment, if you will he has signed the american rescue plan bill, the legislation that passed both houses of congress in a strict party line vote, and he points

to the fact that democrats and republicans, according to his view, in the country, not in washington, seem to favor it rather strongly, but obviously the votes in congress were right along party lines 50-49 in the senate, and by about a four, five-vote margin in the house. he speaks to the country tonight. he then will take to the road to talk up this bill he says will help the middle class and less wealthy people in the country regain their traction in the economy. so we'll be watching that. if there's anything more -- he didn't take any questions there, despite the efforts of the reporters. let's get back to the big rally. is the tech takeover back on as we seem to be seeing in the markets today, or will those higher rates we were talking about with bob and rick, and inflation fears, keep value in the leadership position?

the heck with tech cheryl is portfolio manager at angel oak advisers, and a new face, and and also head of u.s. small and mid cap strategies leadies, welcome i'm going to ask you about your inflation concerns over the next, say, 12 to 18 months sheryl, you get to go first. >> inflation concerns, somewhere in the high single-digit range i think we are very bullish on the economic recovery. rates are likely to move higher from here, giving the magnitude of stimulus, but it's not going to be a linear line. we are seeing some softer inflationary measures come out of the things like core inflation, while we're seeing signs of increasing inflation in areas lie tech, hardware and

consumer staples i think the grind is higher, we definitely favor the value t trade. >> before i go to jill, let me get your sense -- is that 2.5? 3% what is it >> i think near term we could go over 2%. again we're looking at averages over 2%, even start moving to a higher short end, which we think is still a couple years out, but near term we can't go over that level modestly. >> how about you, jill where do you put your inflation worries? for and if you would segue that how that could impact your he target

is below year end where the s&p is trading now. >> i think from an inflation perspective, we're sealing signs of percolating inflation, but we're only looking for 1.7% on a core inflation base. if you look at cpi, it would be about 2% >> when you put these sources together, those stocks have been outperforming, and they're suggesting that they'll continue to see inflation pressures rising so for the mark, 1% to 3% on cpi has been the sweet spot for equities when you think about the sectors and the areas that you want to be in, we really need to be more cautious on labor-intensive parts of consumer luxury retailers relative to discount areas that might be hit harder by rising wages, relative to

some of the more cyclical energy, industrials, materials that actually affect it. >> both of you you are bullish on banks, how much of that is based on the idea that the stimulus checks will come out and a lot of people will save some of that money instead of spending it, like they did the first round and interest rates will stay higher sheryl, if i can't go to you first. >> yeah, absolutely. we think the stimulus will be put into additional spending we're particularly bullish on regional bank, but also consumer finance, where we think the stimulus checks will help spur more spending. as the economies continue to reopen and we see vaccine deployments continue to take off, we think that's only good for travel and entertainment as well for example, someone lune an americans express, they expect back to pre-covid levels by year end. i think there's more room to run

on financials. we like regional banks which have that sensitivity, but ity it will play through spending and credit improvement >> jill, what's your take? >> we also like financials it's a beneficiary of rising rates, the yield curve, the reopening as well as the rotation out of growth and into value. i think to the point on stimulus and savings, savings rates are obviously very high right now. where there is a lot of pent-up demand is for services spending. you know, we do think, in terms of services that's one area where we prefer small caps over large caps because they're a bigger beneficiaries, on the reopening, and should benefit more, giving they're more similar to the makeup of overall

u.s. gdp we're expecting a 6.5% recovery growth thank you both for your insights today. coming up, we will have more on the market rally as we they'd break, take a look at the dow stocks hitting new high cause they include boeing, visa, goldman among the names. plus high demand and high prices causing major supply-change disruptions. we will speak with the ceo of c.h. robinson. "power lunch" returns right after this

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the ultimate stay-at-home stock is up 300% over the last year other social stocks also rallying today facebook, twitter and snap, all of them up travel is doing very well. mgm, wynn and las vegas sands, all nice gains, but general electric setting out this rally.

a huge part of the market 'rebound, pfizer and biontech, a study from israel said unvaccinated people are 44 times more likely to develop symptomatic covid than those who received the vaccine pfizer says its vaccine blocked 94% of asymptomatic infections and 97% against asymptomatic cases, and now, of course the next concern is variants of the disease. and -- >> we have protection already with two doses, but or if we're

going to see better protection, and moving to a new vaccine, or booster shots, all of this is -- on start the dosing with the boost, we will study with the new variant, and we will have some evidence if there's a need to do something different from what we're doing now. >> the booster dose mr. bourla refers to relates particularly to the south african strain, which he says believes to be the tougher one. he says we have very good protection after with two doses. the market surging today technology stocks leading. we'll tell you what's drive the gain today and why march is women's history month here's hightower's chief

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items that will need to, you know, continue to be focused on the rear versal, logistics, the whole premise is we need to tighten the supply chains, make them shorter with higher-level execution, like we're all used to experiencing, and with these disruptions today, it's causing it to be even more and more difficult to do, requires more

better downstream in order to execute effectively. i have two questions, bob. one quick answer -- why is there a labor shortage how do you fix it? >> really within trucks there's been an ongoing driver shortage, but today it feels like a strong structural issues. there are a number of things one the paycheck protection perhaps, we saw drivers left the and through ko individual a the lo of schools were not operating at peak capacity or some operating at all, so we at any time to see the structural challenge to get drivers into long-haul trucks that's been a challenge for a while. as we get into a strong back into the economy this year there will be options for people that could be truck drivers construction, infrastructure, building and such with all serve as substitution jobs. >> second quick question i have to think your business is

a logistics business, but also an increasingly data bit how is data changing your company today and how will it in the future >> data is the new oil, as the saying goes. we have transitioned from being a transportation company to truly a data-driven supply chain company. today across that $21 billion of, the value is that data we can capture across the glob supply change, and then take that data and help our customers rethink how effectively they can manage their companies bob easterfield, thank you for joining us and talking about the supply chain we appreciate it >> appreciate it thank you. we're watching a market rally today, the nasdaq up nearly 3%. up next we're looking at the opening stocks that have led the

rally. the global economy, are we entering a new roaring '20s? hopefully we'll get that answer when we come back. (man) i'm a verizon engineer, part of the team that built 5g right, the only one from america's most reliable network. we designed our 5g to make the things you do every day better. with 5g nationwide, millions of people can now work, listen, and stream in verizon 5g quality. and in parts of many cities where people can use massive capacity, we have ultra wideband, the fastest 5g in the world. this is the 5g that's built for you. this is 5g built right.

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your cnbc update pfizer and biontech will produce 20% more than think expected and another 3 billion doses next year new evidence supports the growing indications that the b.1.1.7 variety is not only more contagious, but also deadlier. researchers found that it's associated with the 64% higher risk of dying than earlier strains. nearly one in five people in the u.s. say a relative or close friends has died from covid 19, but the poll from the associated appreciate also says one in three people don't plan to get vaccinated. one year into the pandemic, cambodia has reported its first covid death. it's only seen 1100 case is.

the dow up more than 300 points, nasdaq and s&p up, the leader up 2.5% check out -- i might be getting ahead of myself. we want to check out the s&p 500 over the last year, up 45% since the day the pandemic really hit home, but for some stocks, that turnaround didn't come unit much later. >> hey,dom. >> it's a report high for the s&p and a record high for the dow. and look at the s&p 500 overall. it's one places we have seen outperformance, and that's in the transportation stocks. the ticker iyt versus the s&p 500 over the last year, they traded fairly closely together up through the summer last year, but in the fall we saw some real

outperformance that's when those vaccine headlines first came out so off to the races for the transports there let's break it down furse into travel and leisure, the reopening trade, if you will shares of marriott, not far from record highs, up 51% american airlines up 71%, a long way to go before record highs there. expedia hit a record high, so watch that reopening trade perhaps few other places, tyler, in the market, has the reopening trade played out more than the oil and gas patch. energy stocks specifically look at the energy spdr just in the last six months, up 65%. exxon mobil, and occidental is the best performing s&p 500 oil and gas stock, up a whopping 206% that's just the last six months. tyler, that's the reopening trade in a capsule, back over to you. >> wow we've got to remember these

numbers are coming off real, real lows, right >> absolutely right. we remember the days of negative oil prices, right? >> and occidental had its own problems with merger issue and other things that put it in the doghouse for investors. >> absolutely. as we continue the reopening trend, the ceo of optimism has rocketed higher, the survey of over 5,000 ceos found that 76% of kruismt os believe global economic growth will grow. also ranking the u.s. as their top growth economy that is where they're looking. 35% say the u.s. is the top choice in second place china, 28% for more on the results of the survey and pulse of the global ceos one year after the pandemic started, bob, welcome.

these are u.s. ceos that you query. is this as bullish as you have ever seen them >> it's the most bullish optimism we have ever seen before and it's a global survey that optimism is consistent around the world it comes to opt mish around the economy and their able to raze revenue and optimism over the next three years, but let's not kid ourselves. there's a big concern underneath, the fragility of it. there are still a number of issues that ceos are grappling with and trying to worry about >> we'll get to those in just a moment, inclusive which is really interesting and may not have shown up in other surveys i was acutely interesting that they ceos see america as the number one growth targets, higher than china and some of the developing markets why do you think that is >> let's go back to some facts

in the history the last two, three years, the u.s. has number one in terms of an investment destination, a resilient workforce, and rule of law and code of conduct and expectations that ceos want. the gap this year between the u.s. and china widened first, there were concerns around china as a country. the combination of regulation, the combination of what they're doing on the technology space, the combination of fairness to trade, all of those things became a question mark for organizations. the second point, you did have for the first time ever, a question as to whether the u.s. would go alone or partner with others, so that trade flow issue becomes a bit less of a heightened issue last but not least, you actually had ceos worried about trade, so they pivoted away from china --

more so than we have ever seen before >> bob, i hate to be a negative nely, but we have to talk about the ceo concerns a third of ceos saw cybersecurity as a concern last year now it's up tohalf this was taken before the microsoft outlook hack what are the factors contributing to the increased concern about cybersecurity? >> so you have a couple there. you've got the fact we just went through the biggest digitization ever in the world. now everybody is more connected than they were before, and they're doing it in a distributed format they're all from home for the most part. the reality is that puts more stress in the system the data they had access to, and the threat from the bad actors that potentially attacked that ecosystem. second point is, you do have a lot more threats, those bad actors, you're seeing more and more of that come to life, and unfortunately, it's resting in a lot of uncertainty in terms of

the back-door traps, and the attack on utilities, municipalities, an increased risk that people are worried about. last but not least, everybody is struggling early on, cutting costs, so are they truly investing at the level of the risks? did that gap increase or decrease a ceo survey for the first time globally took that to a really high level as a result worldwide, that ranked right behind pandemic. >> tax concerns have come back, but they're still like number seven or eight in the top ten number of concerns among ceos. >> tax becomes a bigger issue with the new administration, but it is a big issue unfortunately. it's just unfortunately a crowded agenda outside the u.s. i still have issues, ocd issues where they're trying to get in terms of fairness the u.s. ceos are very focused on that, particularly as the

administration thinking about what it wants to do next. >> bob more itz, thank you. emerging markets have recovered nicely, but have taken a hit recently as the fears begin to decide, should you jump into e.m.? and you're seeing it right here. bitcoin as it continues to approach the all-time high of just above 58,000. much more on "power lunch. stay with us

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it helps with occasional joint stiffness, while it nourishes and strengthens my joints for the long term. osteo bi-flex. because i'm made to move. welcome back to "power lunch. i'm seema mody, a year sings the w.h.o. declared the crisis a pandemic india and brazil still struggle,

while china is well into its recovery its stock market is faring much better, all rebounding from the lows, but the recent rise in interest rates has sent emerging market stocks lower. our trading nation team is here today. steve, you've been tracking the real-time vaccination data on the country leave. you think that's important whether this international trade will work. can you expand on that >> first of off, asia has finn in/first ounce with the pandemic, though with the vaccination, the u.s. and uk are leading the way with europe significantly lagging. as we look out this first stage, you have asia leading the pandemic sooner, they're in recovery, it has pushed up rates a bit.

that will emerge and europe will eventually told the party. i'm not perfectly synchronized nonetheless. we're overweight equities and have been overyeah emerging markets. >> you think commodity are the best way to play >> it's not just in the u.s. when you look at the inflation that is going to come, especially if you look at copper and oil as well, these can be good hedges against inflation and they're also going to perform well in a reopening economy. copper doing well due to the strength of the industrial, and as people begin to travel and venture out more, we will see a demand in oil. >> copper at a nine-year high. danielle and steve, thank you. our traders do debate growth and value online, so be sure to log on tyler?

>> i like the fish in the background. >> i know. very pretty. >> calming, i was kind of mesmerized i had a moment of zen. markets rallying today the nasdaq leading the way check out the megacap heavyweights all of them are -- speaking of big money. after the break, we will show you the amazing numbers of digital art today at christie's. stay with us >> announcer: and now the latest from trading nation and a word from our sponsor

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just when you thought that digital nft craze couldn't get

any crazier a record-setting auction today at christie's. we have a look at the art and the huge numbers it brought in robert >> frank, the first ever major auction of an nft setting a record and actually becoming one of the most expensive works of art,ered, every auction. a work by the artest of microwinkelman selling on line at christie's for $69.3 million. the winner is justin sun, the founder of tran cryptocurrency platform he won a bid to have lunch with warren buffett in 2014 this is the most expensive nft ever assaulted and the 19th most expensive art ever auctioned beepo becomes one of the top three living artists right now in terms of price next to jeff

koons and hockney. i would guess a lot of people are looking up this definition rate now after this action saying they paid what for what. >> this art by beepo beautiful robert, we will keep you around. this is a job for the wealth editor in light of the record-setting price for beepo's nft what is the future for digital art noah, thanks for being here. >> thank you for having me. >> a lot of our audience is familiar with a piece of art from andy warhol called four marry listens. it looks like that art continued to appreciate over the years it sold in 1998 for $13 million and got up to the $69 million. what's the appreciation and the value look like for nfts >> we have no idea frankly, we have no idea there were only four marilyns in

that image and in depot's art that sold today there is 5,000 i don't want if you want to do the math that way, you can i don't know we went into this auction with a post humous unknown which is a w winking notice that it was going to be prestigious. it played out. the entire auction, we opened the bidding on february 25th from then to now, the estimate felt unknown the entire time today was amazing. >> noah, thanks again for joining us congratulations on this auction. when you announced this a lot of people in the art world were suspe skeptical. it felt like two billionaires really wanted this

the increments were in $5 million or $10 million i wonder, is the world today reading too much into this $69 million price tag? some are saying this is a voldation of the whole asset class and the future of art. if it were really just two people who got it one of them got and it won't be around the next time. is it a one off? >> i don't think it is a one off. i think it is a validation of the collecting category. nfts clearly are more than just an emerging nashent collecting space. we opened up our arms for what is basically a mature collecting audience. in the first ten minutes of bidding on february 25th we had more than 100 bids placed we went from $100 to $1 million. we had 20-plus bidders from seven different cups, very intergenerational bidding, too, which was interesting. but most fascinating stat of all is that of those 20-plus initial

bidders only three were known to christies. so the mass majority of the bidders, the people who contributed to this fantastic result and that played out over the course of the auction, too. >> right. >> were brand-new to us. and we did everything we could to make this a welcoming space for crypto art collectors especially accepting ethereum for payment was an enormous step for us i think a crucial step in the right direction, too this definitely does validate this space i hope itten empowers digital artists to make interesting work and for everybody to have more confidence in nfts. >> what does the buyer actually get, number one? and number two, does beepo get any of this $69 million? >> oh, yeah. beepo is -- mike winkelman is a rich man today he has always rich in spirit

i love him he's very funny and amazing. i would like to call him my friend so really proud of him what the buyer gets is essentially a long string of numbers and letters. it's a code that exists on the ethereum block chap. it is a block in the chain that will be dropped into their ethereum wallet. but they also will get a gigantic j peg a. massive high resolution j peg it is hundreds of mega bytes. >> but it is the blockchain key that is really the thing of value here because that means that it was the original digital creation >> that's exactly right. >> got it. >> the image -- it is a little strange. the image is a metaphor for the artwork which is the nft. >> right, right. >> it is also a bit of a vice versa situation? we have the leave it there, i am

sorry the interrupt but we are up against the top of the hour >> all good. >> thank you, and congratulations, robert thank you for bringing the story to us we appreciate it more beepos to you checking on the markets. gains across the board strongest for the nasdaq and tech stocks. we'll be right back. it all starts with an invitation...

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one last check on the markets. the dow up 200 points. the nasdaq up 2.5% the s&p over 1%. the markets rallying today hitting all-time highs tyler, tech stocks getting a

boost from those interest rates, staying right at -- sorry, bond yields staying at 175% tech stocks seeing the boost again. the nasdaq the leader today. thank you for watching "power lunch. "closing bell" starts right ow >> look who is in the house. >> i'm here. >> we are split screen here. we are all in the same place >> that's a normal shot. a normal shot. >> give me the mask. >> welcome to "closing bell" i'm wilfred frost, along with sara eisen both this the same house today officially marks one year since the pandemic began who would have thought we would be back at all-time highs. the dow's strong week getting stronger the s&p sitting at record highs. and the nasdaq is surging as we head into the close. let's look at what is driving the action president biden officially signing the covid rowly bill this afternoon pumping $1.9 trillion of stimulus into econom